Initiatives for Melbourne first home buyers | First Home Buyers Australia

Metropolitan Victoria (Melbourne)

FIRST HOME OWNER INITIATIVES

UNLOCK YOUR FIRST HOME SOONER IN MELBOURNE

The deposit hurdle is the hardest part of being a first home buyer. But after 2 years of lobbying efforts by First Home Buyers Australia (FHBA), it is set to get easier for Melbourne’s first home buyers!

On 02 May 2017, the VIC government announced much-needed stamp duty relief for Melbourne’s first home buyers. The changes include:

Stamp Duty
Exemptions

No stamp duty for eligible first home buyers who purchase a new or existing dwelling under $600,000

Stamp Duty
Concessions

Discounted stamp duty for eligible first home buyers who purchase a new or existing dwelling between the value of $600,000 and $750,000

Co-Purchasing Scheme
(From 01 Jan 2018)

Stamp duty on Lenders Mortgage Insurance (LMI) abolished – a win for first home buyers with a deposit of less than 20%!

Metropolitan Victoria
FHOG

$10,000 grant for building or purchasing a new house / townhouse / apartment up to $750,000

LEARN HOW FHBA CAN HELP

HOW CAN FHBA HELP ME SECURE MY FIRST HOME?

Finance

Our friendly Brokers explain all the steps, determine your borrowing capacity, offer suitable loan options, compile your loan application paperwork and even assist you with applications for the FHOG and Stamp Duty concessions
Research

Not sure where to buy or what type of property to buy? Our partnered property experts can assist you research your options via a tailored approach that takes into consideration your circumstances & goals so you can make an informed decision
Search

With the foundations in place, this step involves attending open homes while your FHBA Coach can assist with negotiations for established homes, or if you are looking for a new home we can assist with your search!
Settle

Our independent legal partners can assist you with all your contract review needs and ensure you settle on your first home; while your FHBA Coach can assist you with planning your move and organising protection for your first home

GET STARTED

FIRST HOME LOAN PRE-APPROVAL

Before you start looking at open homes online and on your weekends, it is a good idea to start planning your first home purchase. An FHBA Coach (who are also qualified Mortgage Brokers) can assist you by helping you work out your budget and borrowing capacity as well as help you secure a home loan pre-approval. A pre-approval outlines how much a bank or lender is willing to lend to you for your first home purchase.

Your FHBA Coach has access to market leading technology, allowing them to help you compare a range of lending options suitable for you, from Australia’s biggest banks through to smaller specialised lending institutions, to help you find you a great home loan deal. Your FHBA Coach can also assist with low deposit home loans (e.g. 5% deposit), parental assistance loans (if your parents are in a position to assist you) and can also help you determine your eligibility (as well as assist you to apply) for government initiatives such as the First Home Owners Grant (FHOG) and stamp duty concessions.

If you are thinking of buying in the next 6 months, or just have some questions, we get in touch for a complimentary Discovery Session (which includes a no-charge and no-obligation to proceed assessment of your finances) with an FHBA Coach.

GET PRE-APPROVED

CHECK ELIGIBILITY

Self-estimate if you have enough using our FHBA Eligibility Estimator:

Disclaimer: The FHBA Eligibility Estimator is intended as an approximate guide only. It uses a mixture of the data you input, median property prices from APM PriceFinder and estimated purchasing costs. You should not rely solely on the results of the Eligibility Estimator. Please contact an FHBA Coach (who is a licensed credit adviser) for a more comprehensive estimate based on your personal circumstances

We Need A Few Of Your Details

To see if your current savings are enough to buy in your selected suburb and to send you a complimentary FHBA Australian Property Monitors (APM) comprehensive postcode report for your selected suburb

Deposit Guide

5%
Deposit Amount:
Lenders Mortgage Insurance:
(Indicative Only)
Stamp Duty:
(Indicative Only)
Mortgage Reg. Fee:
Transfer Fee:
Other Costs: $ 3,000
Total Deposit + Costs Required:
Your Current Savings:
First Home Owner Grant:
Total Funds Available:
Surplus / (Deficit):
The following amount will be capitalised onto the loan
Lenders Mortgage Insurance:
(Indicative Only)
10%
Deposit Amount:
Lenders Mortgage Insurance:
(Indicative Only)
Stamp Duty:
(Indicative Only)
Mortgage Reg. Fee:
Transfer Fee:
Other Costs: $ 3,000
Total Deposit + Costs Required:
Your Current Savings:
First Home Owner Grant:
Total Funds Available:
Surplus / (Deficit):
The following amount will be capitalised onto the loan
Lenders Mortgage Insurance:
(Indicative Only)
20%
Deposit Amount:
Lenders Mortgage Insurance:
(Indicative Only) Nil
Stamp Duty:
(Indicative Only)
Mortgage Reg. Fee:
Transfer Fee:
Other Costs: $ 3,000
Total Deposit + Costs Required:
Your Current Savings:
First Home Owner Grant:
Total Funds Available:
Surplus / (Deficit):
The following amount will be capitalised onto the loan
Lenders Mortgage Insurance:
(Indicative Only) Nil

10%

20%

Deposit Amount

Lenders Mortgage Insurance
(Indicative Only)

NIL

Stamp Duty
(Indicative Only)

Mortgage Reg. Fee

Transfer Fee

Other Costs

$ 3,000

Total Deposit + Costs Required

Your Current Savings

First Home Owner Grant

Total Funds Available

Surplus / (Deficit)

The following amount will be capitalised onto the loan

Lenders Mortgage Insurance
(Indicative Only)

NIL

ESTABLISHED HOME?

With Stamp Duty concessions/exemption?

These two specialist first home buyer services will help you get on the front foot when you are ready to buy your first home:

Pre-Purchase Property Advice

A unique service for those first home buyers who are not sure where to buy, what type of property to buy and are looking for some expert advice & guidance

Negotiation Assistance

It is widely known that real estate agents work for the vendor with an aim of securing the highest sale price possible. We offer negotiating assistance to help first home buyers deal with these tricky real estate agents and secure your purchase within your budget in Melbourne

LEARN MORE

FHOG ELIGIBLE NEW HOME?

And one that is eligible for the FHBA 50 Rebate?

FHBA New Homes is a unique and 100% complimentary service to all VIC first home buyers; regardless of whether you are looking for a brand new house & land, townhouse or apartment. And whether that be an off-the-plan, under construction or completed new property!

You will have the opportunity to meet a new home expert who can help you compare a range of property options that are eligible for the VIC FHOG of $10,000 and stamp duty exemption (or concessions). There is no obligation to proceed with any of the property options.

And to help you even further we offer a cash rebate to eligible first home buyers called the FHBA 50 Rebate. This puts money back in your pockets when you need it most – ask your FHBA Coach for details.